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Recording and Posting of Cash Transactions Test 17

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Recording and Posting of Cash Transactions Test 17
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  • Question 1
    1 / -0
    If the debit and credit aspects of a transaction are recorded in the cash book it is a:
    Solution
    Option A is correct .
    Contra Entry is an entry which is recorded to reverse or offset an entry on the other side of an account. If a debit entry is recorded in an account, contra entry will be recorded on the credit side and vice-versa.
  • Question 2
    1 / -0
    Small payments are recorded in a book called _____________.
    Solution
    Small payments are recorded in a book called Petty cash book.
  • Question 3
    1 / -0
    Cash book is a form of _____________.
    Solution
    Cash book is like a ledger account.
    The Separate ledger account is prepared for all cash receipts and cash payments. This Ledger is known as Cash Account.
    While the cash book which is called as journal book records all the cash receipts and cash payments therefore, it is same as ledger.
    Therefore, a     cash book serves both journal and ledger purposes.
  • Question 4
    1 / -0

    The primary book wherein the money received from head cashier and the amount of expenditure for a particular period of an organization are recorded in chronological order of dates in separate money columns of both sides, is called ______________  cash book.

    Solution
    The primary book wherein the money received from head cashier and the amount of expenditure for a particular period of an organization are recorded in chronological order of dates in separate money columns of both sides, 
    Columnar petty cash book is called cash book.
  • Question 5
    1 / -0
    Where two aspects of transaction are posted in the cash book, such an entry is called _______________.
    Solution
    A contra entry is recorded when the debit and credit affect the same parent account and resulting in a net zero effect to the account. These are transactions that are recorded between cash and bank accounts.
    Therefore, D is the correct option.
  • Question 6
    1 / -0
    On April 1st 2017, Rs. 1,000 given to petty cashier, he has spent Rs. 860 during the month of April. On June 1st to make the imprest he will receive the cheque for Rs. __________.
  • Question 7
    1 / -0
    Debiting the petty cash book with the exact amount spent in the previous period is an example of _______________.
    Solution
    Debiting the petty cash book with the exact amount spent in the previous period is an example of the Imprest system.
    Petty Cash Book records all the small expenses of the business like postage, telephone charges, etc.
    The Balance of Petty Cashbook is an asset for the business.
  • Question 8
    1 / -0
    Petty cash fund is supposed to be replenished at ________________. 
    Solution
    Petty cash fund is supposed to be replenished at the end of every accounting period.
    This is done whenever the amount of actual cash in the petty cash box is low and at the end of each accounting period.
  • Question 9
    1 / -0
    Postage stamps purchased for Rs. 30 by business. This transaction will be recorded in ________________.
    Solution
    As this is a small payment, there fore it will be recorded in the petty cash book.
  • Question 10
    1 / -0
    The balance in the petty cash book is ___________.
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